Intershop increases rental income, realises profits on disposal and raises dividend
Source: EQS
In a challenging environment with volatile interest rates and above-average inflation, Intershop closed the financial year as follows (previous year's figures in brackets):
Intershop has experienced a successful year in terms of operational performance. The positive drivers for the pleasing 2023 annual result were the increase in net rental income and the realisation of profits from the disposal of commonhold apartments, investment and development properties. The total return on Intershop shares was 10.3% in 2023. Over a 5-year period, the cumulative return reached 62.1%, compared to the benchmark index SXI Real Estate Shares Broad TR, which achieved 34.3%. As expected, rental income rose by 5.8% year-on-year to Despite the very pleasing results from the disposal of three investment properties, a development property, a plot of land and the transfer of 60 commonhold apartments in Baden, it was not possible to match the previous year's sales profit, which was largely attributed to the net profit from disposal of the development project in Au-Wädenswil. As at the balance sheet date, the portfolio comprised 43 properties including development and promotional properties. Rental income for the year under review was attributed to the following types of use: 45% office and education, 35% commercial and logistics, 5% retail and catering, 9% residential and 6% parking. The value of the property portfolio amounted to The vacancy rate of the overall property portfolio was reduced by 2.6 percentage points to 10.7%. The vacancy rate for the investment property portfolio fell from 10.0% to 7.4%. Property expenses rose by 11.3% to As a result of higher salaries due to the slightly higher headcount, personnel expenses rose slightly by 2.2% to At Despite the dividend payment of Property portfolio In addition to the transfer of 60 commonhold apartments on Römerstrasse in Baden, four commercial properties in Berne, Lyss, Grenchen and Rombach and a plot of land were sold. A further condominium unit was acquired in the "Sihlcenter" in During the year under review, operating activities again centred on letting and project development. Pleasing letting successes were recorded in the properties in Reinach and Wohlen as well as in the residential development in Development and promotional properties The "Römerstrasse" promotional project in Baden was completed in the reporting year. All commonhold apartments were sold and handed over. The "Bloom" (formerly the The construction of the flexible and sustainable commercial building "Métiers Vernier" with around 12,500 m2 of space on four floors is proceeding according to plan. Completion is scheduled for the first quarter of 2024. Lease negotiations are at an advanced stage with several interested parties. Following the completion of the renovation and extension work on the high-rise residential buildings in Intershop further intensifies its sustainability efforts The emissions intensity of the portfolio was reduced by 11.1% to a level of 10.4 kg CO2 e/m2 thanks to operational optimisation schemes and the replacement of heating systems. Intershop also participated in the Global Real Estate Sustainability Benchmark GRESB for the first time and expanded its sustainability report to include climate risks and selected sustainability indicators were subject to limited assurance by Personnel The replacement of the Executive Board was successfully completed. We would like to thank the former Executive Board for the smooth handover. Following Revision of the Articles of Association The Board of Directors will propose a number of amendments to the Articles of Association to the Annual General Meeting on Outlook Following a series of numerous successful disposals, the focus in the current year will predominantly shift towards acquisitions, contingent upon market conditions. In addition, disposal that promise a material profit contribution will continue to be planned. High priority is also being given to the further reduction of vacancies together with property redevelopment to exploit value-added potential, thereby enhancing shareholder value. The Board of Directors will propose to the Annual General Meeting that the ordinary dividend be increased by 10% from Appendix Key figures Contact Company portrait Intershop is a real estate company listed on the
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End of Inside Information |
Language: | English |
Company: | |
Giessereistrasse 18 | |
8031 |
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Phone: | +41 44 5441000 |
Fax: | +41 44 5441001 |
E-mail: | info@intershop.ch |
Internet: | https://intershop.ch/ |
ISIN: | CH0273774791 |
Valor: | 27377479 |
Listed: | |
EQS News ID: | 1845609 |
End of Announcement |
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1845609 27-Feb-